Real estate, post level 4

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#2781566 21-Sep-2021 10:50

Having just gone through the land buying experience, I'm not sure I'd agree that things are staying in check in Christchurch. Prior to getting the land I ended up buying, I looked at a property in Swannanoa. The property had recently been valued at around $650k but ended up selling for just over $1mil.

I also looked at land in Rolleston, Halswell and Lincoln. All sections in those locations were going for at least $400k when just 12 months ago similar land in the same locations were going for under $200k. Where I ended up buying, similar sized sections in a previous stage had sold for early $200s and we ended up paying in the early $300s.

To me it seems like the Christchurch market is heating up.

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quickymart

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#2781643 21-Sep-2021 13:40

Christchurch is actually quite fortunate due to its location (same could also be said for Dunedin) - a fairly decent amount of flat land that makes expansion very easy.

Mind you, same thing applies places like Blenheim or Napier-Hastings and their prices are rising quite rapidly too.

tdgeek

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#2781648 21-Sep-2021 14:01

Obraik:

Having just gone through the land buying experience, I'm not sure I'd agree that things are staying in check in Christchurch. Prior to getting the land I ended up buying, I looked at a property in Swannanoa. The property had recently been valued at around $650k but ended up selling for just over $1mil.

I also looked at land in Rolleston, Halswell and Lincoln. All sections in those locations were going for at least $400k when just 12 months ago similar land in the same locations were going for under $200k. Where I ended up buying, similar sized sections in a previous stage had sold for early $200s and we ended up paying in the early $300s.

To me it seems like the Christchurch market is heating up.

It may well be as others maybe migrate here. I do feel that upmarket suburbs are rising, I was more meaning in general, as the homes that matter for most FHB's are what they can get at the starter level, existing or even new. Found one at from 538k, but yeah, maybe you're right the house and land packages (as just my searched examples) are way up now. Couple of years ago there was sign end of Lincoln Rd From 495k packages. Maybe it fell over :-)

tdgeek

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#2781650 21-Sep-2021 14:02

quickymart:

Christchurch is actually quite fortunate due to its location (same could also be said for Dunedin) - a fairly decent amount of flat land that makes expansion very easy.

Mind you, same thing applies places like Blenheim or Napier-Hastings and their prices are rising quite rapidly too.

Perhaps natural growth then they have "immigration" from other more pricey areas?

mattwnz

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#2781798 21-Sep-2021 17:52

quickymart:

Christchurch is actually quite fortunate due to its location (same could also be said for Dunedin) - a fairly decent amount of flat land that makes expansion very easy.

Mind you, same thing applies places like Blenheim or Napier-Hastings and their prices are rising quite rapidly too.

It s not generally the land that is the problem, but the infrastructure that is needed which has to be paid for. Some places where there is a lack of land for sale, can be surrounded by land which is buildable.

mattwnz

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#2781799 21-Sep-2021 17:55

Obraik:

Having just gone through the land buying experience, I'm not sure I'd agree that things are staying in check in Christchurch. Prior to getting the land I ended up buying, I looked at a property in Swannanoa. The property had recently been valued at around $650k but ended up selling for just over $1mil.

I also looked at land in Rolleston, Halswell and Lincoln. All sections in those locations were going for at least $400k when just 12 months ago similar land in the same locations were going for under $200k. Where I ended up buying, similar sized sections in a previous stage had sold for early $200s and we ended up paying in the early $300s.

To me it seems like the Christchurch market is heating up.

It is likely the ripple effect. Out of town buyers priced out of the market in their area, buying houses further a field. . Also investors where there returns look far better and you get more for your money. Many rentals seem to be on good sized plots of land for larger potential future capital gains, if property prices continue to rise.

tdgeek

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#2781813 21-Sep-2021 18:34

mattwnz:

It s not generally the land that is the problem, but the infrastructure that is needed which has to be paid for. Some places where there is a lack of land for sale, can be surrounded by land which is buildable.

Does Wellington (close to work) have large tracts of land? Auckland probably does, but its a commute. All I am saying is that while we can look at the "general" reasons for our and other countries house prices, AKL and Welly are constrained by "its too far out" or "there is no land", so prices in the vicinity of the near CBD are high. If there was no general house price problem, AKL and Welly would probably still have one, for their own specific local reasons

mattwnz

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#2781837 21-Sep-2021 19:03

Obraik:

Having just gone through the land buying experience, I'm not sure I'd agree that things are staying in check in Christchurch. Prior to getting the land I ended up buying, I looked at a property in Swannanoa. The property had recently been valued at around $650k but ended up selling for just over $1mil.

I also looked at land in Rolleston, Halswell and Lincoln. All sections in those locations were going for at least $400k when just 12 months ago similar land in the same locations were going for under $200k. Where I ended up buying, similar sized sections in a previous stage had sold for early $200s and we ended up paying in the early $300s.

To me it seems like the Christchurch market is heating up.

Land prices seem to be doubled over the last year. That is where a lot of the price increases have come from. People seem that a house has risen from 600k to 1000k, even though during that time, the price of building hasn't risen that much. So people then think it is cheaper to build, and the price of land has therefore increased to fill in the gap.

mattwnz

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#2781839 21-Sep-2021 19:05

tdgeek:

mattwnz:

It s not generally the land that is the problem, but the infrastructure that is needed which has to be paid for. Some places where there is a lack of land for sale, can be surrounded by land which is buildable.

Does Wellington (close to work) have large tracts of land? Auckland probably does, but its a commute. All I am saying is that while we can look at the "general" reasons for our and other countries house prices, AKL and Welly are constrained by "its too far out" or "there is no land", so prices in the vicinity of the near CBD are high. If there was no general house price problem, AKL and Welly would probably still have one, for their own specific local reasons

Not everyone lives in the 3 main cities. There are many areas that are surrounded by lots of land, but councils not willing to expand urban zones due to lack of infrastructure to support increased population. It takes years for them to change district plans to plan for the growth.

Obraik

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#2781865 21-Sep-2021 20:29

mattwnz:

Land prices seem to be doubled over the last year. That is where a lot of the price increases have come from. People seem that a house has risen from 600k to 1000k, even though during that time, the price of building hasn't risen that much. So people then think it is cheaper to build, and the price of land has therefore increased to fill in the gap.

I'd have to disagree on the cost of building. I mentioned this a page or two back, but a house plan that we had looked at around 3 months ago prior to putting an offer on some land (we wanted to make sure we'd have enough left over after the land to build) is now $140k more than it was that short time ago.

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mattwnz

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#2781869 21-Sep-2021 20:41

Obraik:
mattwnz:

Land prices seem to be doubled over the last year. That is where a lot of the price increases have come from. People seem that a house has risen from 600k to 1000k, even though during that time, the price of building hasn't risen that much. So people then think it is cheaper to build, and the price of land has therefore increased to fill in the gap.

I'd have to disagree on the cost of building. I mentioned this a page or two back, but a house plan that we had looked at around 3 months ago prior to putting an offer on some land (we wanted to make sure we'd have enough left over after the land to build) is now $140k more than it was that short time ago.

It has increased but not as much compared to House prices. So I was meaning relative cost increases. Materials are big part of the price increases. House prices in my area are up 50 percent since covid , and doubled in 3 or 4 years.

tdgeek

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#2782407 23-Sep-2021 07:55

https://www.newshub.co.nz/home/new-zealand/2021/09/thousands-sign-petition-against-massive-new-housing-development-in-nelson.html

Seems that we want to build more houses, but we also don't.

A petition with more than 12,000 signatories showed the community opposition to the developer-led subdivision.

Koata Limited chief executive and Maitahi Development director Hemi Toia told the Nelson City Council at a meeting last month that it was seeking a slice of Kāinga Ora's $1 billion Accelerated Infrastructure Fund in order to build affordable houses in the Kāka Valley.

Without funding, it would not be able to build affordable homes due to the cost of the land and would instead look to build 40 homes on lifestyle blocks that could be sold at upper market prices.

Its either NIMBY, market garden or farm areas that stops development